Prime Minister Shehbaz Sharif on Tuesday inaugurated the Mashreq Digital Retail Bank in Islamabad, calling it a milestone for Pakistan’s financial sector and a step toward a modern, cashless economy. Stressing that digitalization is the “need of the hour,” he said paperless systems with minimal human involvement would ensure transparency, improve governance, and drive sustainable growth.

The launch marks Pakistan’s second fully digital bank, backed by Mashreq Bank of the United Arab Emirates, which chose Pakistan for its first such operation. The prime minister described the development as a reflection of growing bilateral cooperation, adding that Mashreq’s entry would support businesses, agriculture, and industries by improving financial access and services.

The ceremony was attended by senior officials, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal Chaudhary, Petroleum Minister Ali Pervaiz Malik, Railways Minister Hanif Abbasi, Maritime Affairs Minister Junaid Anwar, State Bank Governor Jameel Ahmad, and Finance Secretary Imdadullah Bosal.

Finance Minister Aurangzeb highlighted reforms in banking, remittances, and state-owned enterprises, noting international rating agencies had acknowledged Pakistan’s progress. Mashreq Bank Chairman H.E. Abdul Aziz Al Ghurair praised Pakistan’s digital regulatory framework, while CEO Muhammad Hamayun Sajjad said youth-led growth in digital payments makes Pakistan an ideal hub for fintech innovation.

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